Europe's major stock markets mostly churned lower Wednesday, January 17, as investors took their cue from downbeat sentiment in Asia, while Wall Street resumed its upward trend.

Virtual currency bitcoin meanwhile dived, falling below $10,000 for the first time in 6 weeks in what one analyst called a "cryptocalypse" that saw several digital units take a hammering.

London stocks "opened on the back foot following downward trends in the US and Asia, signalling a shift in global sentiment as traders opt to lock in profits following the latest rally," noted Russ Mould, investment director at online stockbroker AJ Bell.

Adding to the gloom, disappointing earnings eclipsed takeover activity in the British capital.

Publisher and conference organizer Informa revealed it was in talks to buy rival UBM to create a giant worth more than £9.0 billion ($12.4 billion, 10.1 billion euros).

The deal is aimed at accelerating growth and slashing costs, the companies said in a statement. But investors were unconvinced, sending Informa shares tumbling more than 9%.

The FTSE 100 was also punished as poor results from luxury fashion giant Burberry and publisher Pearson sent the two companies' share prices diving by seven and five percent respectively.

'Cryptocalypse' for bitcoin

Bitcoin fell below $10,000 for the first time since early December, as the leading cryptocurrency extended Tuesday's 15% slump.

The fierce selling also spread to other alternative digital units, with ethereum, ripple and litecoin all losing about a quarter of their value Tuesday.

Bitcoin is down from record highs approaching $20,000 in the week before Christmas, having rocketed 25-fold over the year before being hit by concerns about a bubble and worries about crackdowns on trading it.

"It's been a Cryptocalypse overnight with BTC (bitcoin) and other virtual currencies coming under heavy selling pressure," said Greg McKenna, chief market strategist at AxiTrader.

...good article, good read for those who know only a little bit of info on bitcoin

Bitcoin too good to be true?

As of this writing, one bitcoin is already equivalent to $10,338. Late last year, it reached an all-time high of $19,783.06. Still, it was a meteoric rise from just $2.00 in December 2011.

The average daily volume of bitcoin is $40 million and its global market value is around $213 billion. In the Philippines, monthly trading volume is now estimated to be about $6 million from only $2 million in the previous year.

Indeed, bitcoin, the world’s largest cryptocurrency, is the newest buzzword in the market. We often hear of people making and losing tons of money on bitcoins within a single day of trading. Bloomberg reported on Tuesday that bitcoin was down 25 percent and its rival cryptocurrencies, ripple and ethereum, sank as much as 40 percent and 26 percent, respectively.

Bitcoin is essentially a virtual currency (VC), which is any type of digital unit that is used as a medium of exchange, a veritable currency that exists in the digital world. Unlike cold hard cash, VC is not backed by any underlying asset. It is neither issued nor guaranteed by any central bank or government. The fluctuations in price is colossal as it is dependent solely on supply and demand.

Nobel laureates, business tycoons and government leaders have been lining up to caution buyers. Russian President Vladimir Putin weighed in on the debate and said: “If you invest, the risk is on you. Today you invested everything, and tomorrow everything is lost.” Robert Shiller, a Nobel laureate, professor of Economics at Yale University and an expert in market excesses, said that bitcoin was the biggest financial bubble of all time. He said we might return to the dark ages because there was very little clarity concerning the cryptocurrency. The chair and CEO of JP Morgan, Jamie Dimon, was famous for calling VC a “fraud” that “would eventually blow up.”

Our own Bangko Sentral ng Pilipinas (BSP), while recognizing the existence of VCs, has been cautioning the investing public. It said buying VCs presented a highly speculative and risky undertaking, which might result in huge financial losses. To minimize the risks to the investing public, the BSP strongly encouraged existing and prospective VC users to deal only with BSP-registered VC exchanges and maintain only a sufficient amount of cryptocurrencies enough to address transaction requirements.

On the other hand, many governments such as Japan and Germany have issued favorable cryptocurrency regulations. In Germany, tax laws provide an exemption from the 25-percent tax on profits for bitcoin that has been held for one year. In Japan, a new law was enacted authorizing the use of digital currency as a method of payment, essentially granting it the same legal status as fiat currency. In America, the US Commodity Futures Trading Commission recently announced that financial firms including the CME Group, CBOE and Cantor Fitzgerald would list financial products offering exposure to cryptocurrencies.

Is cryptocurrency for real or is it another global financial fiasco waiting to happen? This is a global issue involving, as it should, issuers and investors based all over the world. Before it is too late, the world’s regulators must immediately take a united stance on the matter once and for all. In the meantime, the investing public is advised to exercise extreme caution regarding the acquisition, possession and trading of VCs or dealing with VC-related offers.

He isn't sure if it'll come to a grinding halt or be a slow and steady drop — but he says it's coming.

Boockvar, chief investment officer at Bleakley Advisory Group, is certain crypto is in a giant bubble, and the air is already coming out.

"When something goes parabolic like this has, it typically ends up to where that parabola began," he said on CNBC's "Futures Now."

Boockvar, a CNBC contributor, contends bitcoin is in danger of dropping 90 percent from current levels. He calls it a classic bubble.

"I wouldn't be surprised if over the next year it's down to $1,000 to $3,000," he added.

That's where bitcoin, the largest cryptocurrency player, was trading less than 12 months ago. Friday afternoon it was trading above $11,000.

Boockvar sees the collapse coming in tandem as interest rates rise around the globe. He blames central banks, including the Federal Reserve, for the cryptocurrency craze due to their easy money policies that were designed to ease the effects of the global financial crisis.

"You have to wonder if we never heard of quantitative easing, would there have been cryptocurrencies?" Boockvar asked rhetorically in Thursday's interview.

Once the cryptocurrency market cracks, he contends, investor attitudes toward risk assets will change. According to Boockvar, the stock market could see collateral damage, but it would all be based on psychology — not on anything that's fundamentally wrong with the economy.

THE Securities and Exchange Commission (SEC) will be releasing within the year guidelines for companies seeking to conduct initial coin offerings (ICOs).

SEC Commissioner Emilio B. Aquino, who also heads the agency’s Enforcement and Investor Protection Department, said the commission is now drafting the new guidelines.

“We need to act now because ICOs are sprouting globally, not necessarily in the Philippines. We want also to come out with our own set of regulations,” Mr. Aquino said in a press briefing at the Philippine International Convention Center in Pasay City on Monday.

He said the commission will be talking with financial technology (fintech) groups from the United States and Australia to come up with a model on how to regulate ICOs, given that no concrete guidelines have been set in other jurisdictions.

“We are sitting down with a fintech group from the US, we’re also sitting down with the Australian group to present to us some of their models… In short, we are sharing notes,” Mr. Aquino said.

Some companies and individuals around the world are using ICOs to raise money for their businesses and projects. Typically, investors in ICOs exchange currency such as US dollars or cryptocurrencies in exchange for a digital asset called coin or token.

Authorities in China and South Korea have already banned coin offerings, citing the heightened risks of scams.

In the United States, SEC Chairman Jay Clayton in a statement last December warned that some coins could be considered as securities and would be in violation of securities law if not registered.

Bloomberg reported start-ups have raised around $450 million in ICOs in January, citing Coinist. In 2017, ICOs raised $3.8 billion.

Mr. Aquino said the SEC is considering the inclusion of an “accredited investors plan” in the new guidelines, which it says would ensure investors participating in the ICO have the necessary background to understand the transaction.

“We would like to believe that some people, with certain levels of financial literacy, will understand the risk of investing. We might consider that, it should be somebody who understands the risks involved,” Mr. Aquino said.

SEC Director for Markets and Securities Regulation Department Vicente Graciano P. Felizmenio, Jr. noted the guidelines for ICOs would have similarities in principle with the new rules for crowdfunding, scheduled to be released within the first quarter.

“There are some basic principles that apply to an ICO. One because there is a public offer, then it would be covered by the SRC (Securities Regulation Code) for raising the funds. It just so happens that it is related to cryptocurrency… So the same exercise, but the focus would be different… because in this case the idea about the cryptocurrency itself is very much important to understand,” Mr. Felizmenio said.

In the absence of these regulations, companies seeking to conduct an ICO in the Philippines would have to comply with the SRC and disclose to the SEC all material information related to the investment.

“We’re not altogether banning ICOs. So long as you’re able to comply, you submit to us, we feel that investor protection issues are duly addressed and we get to see our investors, and then of course following strict disclosure requirements under the SRC, then more likely we will allow it,” Mr. Aquino said.

The SEC last week stopped the ICO of online marketplace KROPS, headed by businessman Joseph H. Calata, for failing to register the securities with the commission. A cease-and-desist order was served on KROPS, as well as Black Cell Technology, Inc., Black Sands Capital, Inc., and Black Cell Technology Ltd., which have been taking part in the ICO.

With the investigation on KROPS, Mr. Aquino said all other companies that have conducted ICOs but did not register with the SEC will be considered illegal.

The commission is now in the process of investigating entities that conducted such transactions without their knowledge, and will look into complaints from investors.

THE Securities and Exchange Commission (SEC) on Thursday released its proposed rules for the governance and registration of initial coin offering (ICO), a measure that many start-ups are using to raise cash instead of tapping either the bond or the equities market.

“Despite being analogous to securities, the present registration process for initial public offering [IPO] may not be tailor fit for the initial coin offering. Hence, the proposed rules have been formulated for the registration of security tokens offered through initial coin offerings,” the SEC said.

The proposed rules are open for comment from banks, investment houses and the investing public. The SEC said it would accept comments for the memorandum circular until the end of the month. According to the proposed rules, any company that will conduct an ICO will have to undergo an initial assessment and be registered with the agency.

An initial assessment requires the submission of certain documents such as the proposed whitepaper wherein said start-up or corporation shall have the burden to prove that the tokens are not security tokens. The SEC shall have 20 days upon receipt of complete documents for an initial assessment to determine whether the tokens are security tokens or not.

If the SEC finds the tokens are security tokens, the issuer must register the security tokens before the start of the pre-sale. The ICO may also fall under the exemptions from registration provided under the rules or conducted exclusively through crowd-funding portals under the proposed rules for crowd-funding, the SEC said.

An ICO refers to distributed ledger technology fund-raising operations involving the issuance of tokens in return for cash, other cryptocurrencies or other assets. They involve coins or tokens being issued in order to raise money from the general public. Once the project reaches a certain stage, benefits to holders may include gains through profits or increase in the value of tokens, which can be sold if the project is successful, voting or governance rights.

MANILA, Philippines — Aimed to be a currency trading platform that provides users with safe and compliant digital asset financial services, the Huibi Exchange was launched at a press conference held at the Manila Marriott Hotel in Pasay City last August 12.

The Huibi Exchange is the first national cooperation of Huibi Network in the world market. It is also a vital and strategic way of providing a one-stop exchange service for the Huobi Cloud (the coin used Huibi exchange).

Tsai formally marked the establishment of Huibi Exchange and stressed that they chose Manila as the site of its headquarters due to the country’s vibrant and great market potential. The exchange, she continued, is centered on “creating a more efficient finance and liberating the process of wealth-making.”

The core members of the Huibi Exchange Team have graduated from famous universities around the world and have worked in Fortune 500 companies. Investor partners come from top-tier exchanges such as Huobi, 6x and other similarly top-tier groups in Southeast Asia. They currently have operations and promotion centers in China, Thailand and Taiwan besides the Philippines.

Tsai also stressed that in addition to transactions and payments, the other main functions of the Huibi Exchange are asset management, matching transactions and asset liquidation.

As the global digital money market continues to heat up, ways on how to protect the security of every digital asset in the digital world in the future, achieve fast-moving digital assets and maximize the value of digital assets will become the development direction of the Huibi Exchange.

Based on the strong financial strength of the Ya Tai International Holding Group and the advanced technical solutions of the Huobi coin, the exchange will be in line with the expectations and missions of the company.

Since Huibi Exchange is based in the Southeast Asian market, it will be serving global users and providing world-leading quality digital currency trading and investment services to reduce transaction risks.

The exchange will also give the blockchain practitioner the opportunity to enjoy the huge benefits brought by the blockchain. At the same time, the currency exchange will actively guide and strengthen industry self-regulation to jointly create a healthy, orderly and transparent blockchain investment environment.

Yuman, introduced the company profile and its major projects. She also elaborated the current blockchain trend and revealed the future action of the Group in the blockchain field.

Ya Tai International Holding Group is a diversified and innovative multinational company that develops across the industry. The company is registered in Hong Kong, China, and is headquartered in Bangkok, Thailand. It was founded by Dylan She, who served as the legal representative of the group and chairman of the board of directors.

The group focuses on the construction of various major projects and actively participates in social charity. Additionally, the group is engaged in technology research and development, urban infrastructure construction, real estate development, building and materials production, leisure and health care bases in China, the Philippines, Singapore, Cambodia, Vietnam, Thailand, Malaysia, Taiwan and Hong Kong. The group currently has a total asset of $3 billion.

The group's current key project is the construction, development and operation of the Ya Tai Special Economic Zone (Ya Tai City) in Karen State, Myanmar.

On July 20, Huibi Group officially released the global cloud strategy, seeking powerful partners to build exchanges around the world. Huobi Cloud coin provides one-stop technical support services and shares blockchain transactions with partners. At present, Huibi Network has confirmed four partners worldwide in their trillion-dollar-scale endeavor. Ya Tai International Holding Group is one of them.

In the Q&A, a reporter asked the organizers about the decentralized and increasing exchanges on the market day by day, and the kind of market competitive advantage Huobi cloud can provide to the partners.

“Huobi, with years of experience in security operations, risk control, customer service experience and industry-leading technology, will provide complete one-stop technical support for the Huibi exchange, from system operation to customer growth, sharing five years of operational experience," Chen Yuli, global commercial director of Huobi Cloud, answered.

The organizers also said setting up a Huibi Exchange in the Philippines is an important step for the Ya Tai International Holding Group to enter the digital asset financial services and improve the blockchain ecosystem.